An unnamed Zimbabwean has bought a R20 Million property in Cape Town, for cash, in Constantia Upper.

The Zimbabwean is one of a number of foreigners who are snapping up high end properties in South Africa.

A Malawian is also among the year’s top buyers after paying more thanĀ  R20 Million in the same area.

Seef properties told The Sunday Times newspaper that there were only 25 transactions above R20 million in SA in 2020, compared to 65 in 2017.

Seef said In 2017, prices of R290 Million and R100 million were achieved.

The reduction in high end sales reflect a drop in confidence among locals who are adopting a wait and see attitude.

Foreigners paid the highest prices in South Africa in 2020, ranging from R30 Million to R70 Million.

Please read the full story in today’s Sunday Times Newspaper – 11 April 2021.